SE Asia Stocks -Most up; Indonesian shares rise ahead of Q2 results

BANGKOK, July 29 (Reuters) - Most Southeast Asian stock
markets rose on Wednesday, with Indonesian benchmark rebounding
from a 16-month low as investors selectively bought shares ahead
of quarterly results, while most others recovered from recent
losses in line with broader Asia.
The Jakarta composite index traded up 0.4 percent
after Tuesday's close of 4,714.76, the lowest since March 2014.
Shares of Bank Central Asia Tbk was up 0.6 percent
ahead of the release of first-half results.
"The JCI was hard hit by expected poor second-quarter
corporate earnings which would mostly be released by this week,"
said Harry Su, head of research at broker Bahana Securities in
Jakarta.
"Once, analysts cut earnings and the market makes proper
downward adjustment then the JCI can undergo some rebound. It's
all about corporate earnings at the moment," he said.
Singapore's key index traded a tad 0.06 percent
higher while Malaysia's index drifted slightly into
negative territory in a rangebound trading.
Wall Street's overnight gains might get a slight boost to
early sentiment but recent losses in Chinese bourses and a
cabinet reshuffle in Malaysia on Tuesday are set to cap gains,
said Singapore-based broker NRA Capital.
"The losses in the Chinese bourses, the element of political
uncertainty in Malaysia may lead to some profit-taking instead,
limiting upside," it said in a report.
In Bangkok, shares of Siam Cement Pcl were down 0.4
percent ahead of second-quarter earnings release due midday,
with the broader SET index trading 0.1 percent lower.
Indexes in the Philippines and Vietnam both
gained, while Asian shares were mostly higher after U.S. stocks
overnight ended sharply higher amid speculation the first
Federal Reserve interest rate hike may not come until December.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0411 GMT
Market Current Prev Close Pct Move
Singapore 3283.02 3281.09 +0.06
Kuala Lumpur 1698.61 1699.70 -0.06
Bangkok 1406.46 1408.07 -0.11
Jakarta 4733.94 4714.76 +0.41
Manila 7520.35 7479.03 +0.55
Ho Chi Minh 632.56 631.47 +0.17
(Reporting by Viparat Jantraprap; Additonal reporting by
Fransiska Nangoy in Jakarta; Editing by Anand Basu)